If employment numbers on 16 November weren’t evidence enough for the Bank of England to act, then the 17 November inflation print, as measured by the Consumer Prices Index (CPI) figure for October, surely is.
Coming in at 4.2%, this is the highest inflation has been over the last 10 years and is ahead of what the market was anticipating. Energy price rises and continuing supply issues are playing their part in forcing overall consumer inflation higher. While it may be debatable whether a rate hike will have the desired impact, doing nothing clearly won’t.
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